About Greenblock

Greenblock is a cryptocurrency and a blockchain based data ecosystem for the global hemp & cannabis industry. The blockchain with the personal virtual assistant for the management and traceability of hemp and cannabis-related businesses will make possible to provide traceability for each plant, from seed to finished product. The growing regulation under Prop.64 requires serial numbers and RFID tags that will be assigned to each batch of young plants, as individual plants are tagged later in the process. This database will give the state real-time monitoring of inventory at all locations. Each product number holds product information linked to an internet file that contains information such as strain, propagation method, location, intended use, and quantities of plants at each stage.

Blockchain Environment

As more companies explore possibilities, it has become clear that blockchain represents an opportunity to effectively manage supply chain data across a complex network from farmers to distributors, processors, retailers, regulators, and consumers. With the promise of amplifying traceability, blockchains record specific information about products as they move throughout the supply chain. Although industry analysists say blockchain is still very much in its infancy, now is the time for companies to educate themselves on blockchain benefits and how it can lead to vast improvements in efficiency and security in the supply chain.

Blockchain = Shared Database

Blockchain was first used with Bitcoin: a digital currency operating independently of a central bank. The blockchain technology that underpins Bitcoin is proving to offer valuable benefits to use, even in cases outside of the financial world. Casting the catchy buzzword aside, blockchain at its core is a shared database. Many industry veterans already know that shared databases have benefits, but what makes blockchain special is that it is a distributed ledger. There is no single point of failure in a distributed ledger; it is a consensus of replicated, shared, and synchronized digital data that is geographically spread across multiple sites.

Blockchain Based Traceability for Hemp and Cannabis Industries

To address the needs of the many stakeholders involved such as growers, processors, retailers, consumers, exporters, and government, the hemp, and cannabis industry needs an interoperable system that provides the appropriate data for each respective entity in a way that is trusted, transparent, and secure. Blockchain presents an ideal solution for many of these challenges, while a token ecosystem solves the essential challenge of creating appropriate incentives for those making the extra effort to capture data.

Greenblock Ecosystem

The Greenblock Ecosystem creates a mechanism for rewarding hemp and cannabis producers along with supply chain intermediaries, through micro-transactions, thus creating a virtuous cycle for sustainable practices that extends beyond government mandates for traceability. Greenblock tokens are not meant to be a currency for trading hemp and cannabis. Instead, Greenblock tokens provide a mechanism for incentivizing data capture and transmission in various forms. Incentivizing data capture within Supply Chains by creating the appropriate reward structure for data capture within an interoperable platform, the Greenblock Ecosystem will allow for makers of third-party tools such as the Internet of Things (IOT), sensors and other data inputs, to participate in the ecosystem and be rewarded accordingly. This will drive more data feeds into the ecosystem and ultimately allow hemp and cannabis buyers to have a better understanding of the actual metrics that impact safety and quality, including, but not limited to: conditions from harvest to consumption, and pesticide and toxins screening.

Internet of Things

IoT is transformational to systems, devices, technologies and applications across the industry and around the world. It is driven by:

• An expectation by businesses and consumers that all things will be “connected”. • Increasing capabilities and lower cost of microcontroller and communications technologies. • The explosion of cloud-based data gathering, processing and sharing platforms. GS1’s “Global Language of Business” connects the physical and digital worlds. Identification of objects, assets, locations, and automatic data capture are powered by GS1 barcodes and EPC/RFID. GS1 standards for data sharing enable interoperable, trusted and transparent data which are foundational for unleashing IoT capabilities. GS1 also provides a trusted foundation for the responsible use of the technologies behind its standards which paves the way for the future of IoT by providing best practices for risk assessment and data protection.

Cannabis Market Retail Sales

The impact of recreational legalization and sales on the medical markets: In medical cannabis states that legalize recreational as well, the longer-term effects on the market are still largely unknown. It appears medical marijuana sales could plateau and even start to diminish as recreational marijuana is available in the state. Legalization: It is extremely difficult to predict which states will legalize in a given year. Often, a few states catch the industry by surprise and push through measures unexpectedly. If more or fewer states legalize than expected, sales estimates could change significantly.

Cannabis Market Infused Products

Infused products and edibles are the fastest growing categories in the cannabis industry, proving extremely popular with recreational consumers and medical patients alike. While flower still accounts for the majority of retail sales, concentrates and edibles continue to eat into flower’s share of the market with each passing year. Manufacturers have taken notice and are extending product lines to occupy multiple segments of the infused products category. While this may maximize revenue in the short term, the industry grows more sophisticated by the day and manufacturers that specialize on providing a top-quality product to a very narrow portion of the market may end up finding more success than those across multiple categories.

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